According to the new market research report "Lithium-Ion Battery Market by Type (Li-NMC, LFP, LCO, LTO), Power Capacity (0-3,000 mAh, 3,000 mAh-10,000 mAh, 10,000 mAh-60,000 mAh, above 60,000 mAh), Industry (Consumer Electronics, Automotive, Industrial), Voltage, Region – Global Forecast to 2025", is estimated to grow from USD 44.2 billion in 2020 to reach USD 94.4 billion by 2025 at a CAGR of 16.4%. The lithium-ion battery industry is likely to exhibit lucrative growth potential during the forecast period. Factors such as increasing demand for plug-in vehicles, growing need for automation & battery-operated material-handling equipment in industries, increasing demand for smart devices and other industrial goods, and high requirement of lithium-ion batteries for various industrial applications are driving the growth of the lithium-ion battery market.
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"Market for Lithium Nickel Manganese Cobalt is expected to grow at a higher rate during the forecast period."
The energy density of NMC batteries is its primary strength. It achieves this energy density with excellent stability due to the use of an optimum ratio of nickel manganese and cobalt. It also has a good charge and discharge cycle. These features enable its application in industries such as automotive.
NMC is used in batteries of laptops, mobile phones, tablets, automotive, power tools, and electrical storage systems. It is lightweight and can better serve slimmer and lighter tablets and smartphones. This property will lead to the gradual replacement of LCO and NCA cathode materials in batteries of notebooks, mobile phones, and tablets.
NMC is also used in HEV, EV, and PHEV as it offers higher safety, along with other desired properties. These advantageous properties of NMC are expected to increase its market share in the next five years and ideally positioned it to be the best material available in this industry.
Lithium-ion battery market for power capacity range 3,000–10,000 mAH is expected to grow at the highest rate during the forecast period."
Lithium-ion batteries' heavy power capacity makes it useful in electric vehicles and industrial uses. The increasing market of consumer electronics and smartphones is driving the need for batteries with high power capacity that can keep the device running for long hours and, at the same time, giving an optimum experience of the device due to large screen and power back up service.
"Lithium-ion battery market for automotive is expected to hold the largest market during the forecast period."
Increasing adoption and awareness of EVs, government initiatives, and regulations supporting the adoption of EVs around the world are the factors that are driving the growth of the lithium-ion battery market. The market for these vehicles is expected to grow in the near future, partly driven by the adoption of various environmental norms and emission regulations. This has increased the demand for Li-ion batteries.
"Lithium-ion battery market for above 36 V segment is expected to hold the largest market during the forecast period."
The majority of the manufacturers prefer above 36V lithium-ion batteries as they support and power high-current applications, and have a long life span. Lithium-ion batteries with this voltage range are the most demanded and used as they are equipped with high capacity and unmatched capabilities. These batteries are used in electric vehicles, marine, power, military, telecom, etc. These batteries offer higher power, longer life, and robust safety compared to lead-acid batteries, which boosts its demand in the market. These batteries feature a built-in automatic battery management system (BMS), which keeps the battery running at peak performance while preventing overcharging, overheating, and maximizing cell cycle life.
APAC held the largest size of the lithium-ion battery market during the forecast period
APAC held the largest size of the lithium-ion battery industry in 2018. APAC is home to a large number of semiconductor and electronics companies and the increasing trend to implement high power battery, and safety with low energy wastage are expected to open up new market opportunities for lithium-ion battery in APAC. China and India are the fastest-growing economies in the world.
Demand for lithium-ion batteries is very high in Asia Pacific owing to the ever-increasing population and its need for consumer electronics. The market in China is expected to grow mainly because of the huge number of lithium-ion battery manufacturing companies in China and Japan. A major share of lithium-ion batteries is manufactured in APAC—specifically in China, Japan, and South Korea.
Key players operating in the lithium-ion battery market include BYD Company (China), LG Chem (South Korea), Panasonic (Japan), Samsung SDI (South Korea), BAK Group (China), GS Yuasa Corporation (Japan), Hitachi (Japan), Johnson Controls (Ireland), Toshiba (Japan), Lithium Werks (The Netherlands), CALB (China), Saft Groupe, (France), VARTA Storage (Germany), Farasis Energy (California), and Sila Nanotechnologies (California).
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